Bitcoin Hits Worst One-Month Performance Since FTX Crash Due to Cooling ETF Demand
Bitcoin is experiencing its worst collapse since cryptocurrency mogul SBF's FTX empire collapsed nearly a month ago as euphoria around a U.S. bitcoin ETF fades. Bitcoin fell 14 percent in April, its biggest drop since November 2022 when it fell 16 percent, preliminary data showed. The frenzy sparked by U.S. bitcoin ETFs took bitcoin to a record high of nearly $74,000 in March, but as bets on a Federal Reserve interest rate cut split, demand for risky investments took a hit and inflows into those products plummeted sharply. As of April 29, 11 U.S. spot ETFs had net inflows of $182 million for the month. That compares with net inflows of $4.6 billion into these funds in March.
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